Whats the best way to get on the property ladder in England?

Answer 1

Obviously this is not a simple question to answer.

The answer referring to buying in UNiversity towns and renting out is a good one - If you can cover the mortgage with the rent. In the past people have bought like this and not covered their mortgage with rent in the hope that property price rises will rise, which they have. This is no longer a safe option, as many agree, the property market has slowed down. The amount of money people spend on their mortgage as a % of their income is greater than anytime in the last 25 years - 42% approx. This shows that affordability is a real issue now.

I would argue that the best way to get on the property market depends on a few factors. 1. Deposit/ savings 2. Income 3. credit history.

If you have a large amount of cash then I suggest the best way is to buy at Auction - www.savills.co.uk; www.allsopps.co.uk; www.barnardmarcus.co.uk. This is not likely considering you are a first time buyer so I would suggest the following plan of action.

1. Get to know London’s up and coming areas - Bow, Stepney, Homerton, Stamford Hill, Tottenham, Walthamstow, New Cross, Peckham, Lewisham, Charlton - and basically any where East or South East and as close to the centre as your budget will allow. Or If Londons not the place for you try Leeds, Sheffield, Ashford in Kent.
2. Look at places that are in need of cosmetic work - i.e. New Kitchen and Bathroom. Dont be put off by bad decor. Try www.rightmove.co.uk; www.primelocation.co.uk; www.propertyfinder.co.uk
3. Get your mortgage arranged.
4. Offer below the market price - say -10% Stand back and hold your offer, despite what the agents say. Make sure you tell them you have everything in place and have no ties meaning you can move quickly
5. Keep looking and don’t lose heart

Answer 2

Well, you could buy a Buy To Let property - and rent it out for a couple of years - or more - to pay the mortgage repayments - A good idea would be to buy a property in a University Town for example Exeter in Devon - or in London - or in Southampton etc. This will also depend on how much you are willing to spend. If you are a first time buyer - you may be able to get a 100% mortgage. Or, you could buy a property with someone-else. The other question is do u plan to come over to england frequently ? If not, you could get a Management Co. to look after the property for you. Also enquire at Estate Agents on what properties they have. They will also have their own financiers.

Answer 3

Did you ever see Homes Under the Hammer on TV? These people buy old, run-down houses at a low price at auction, then spend 10 quid and 6 weeks fixing them up and resell for a profit or rent them out for an income. I think the ones that do best buy houses in good neighborhoods.

Answer 4

put yourself down for a council house,wait and choose the ideal place(may take a year or two) then when youve been there two years,maybe longer put in to buy.you,ll get a masive discount as long as you keep it up for 5 years plus,then you can sell at a huge profit and get a bigger propertie,drawn out,but worth it hey,or you will be at home and stay?

Answer 5

Move to a cheap part of the country. Probably in the North East.

Answer 6

Marry someone who owns property

Answer 7

The nationwide common salary in the united kingdom is round £30k p.a.. The nationwide minimum salary is £6.19 in keeping with hour which equates to easily somewhat below £13k p.a. maximum wages have a tendency to be plagued with suggestions from age, with maximum lower than 30s incomes below older those who've better adventure. I gained't contact upon the fairness of that. experts like experienced docs and dentists usually are incomes in extra of £100k p.a. yet plenty relies upon on the context of their pastime and there are experts who earn a lot less. Jobs in the united kingdom commonly pay below similar jobs in the u . s . because the united kingdom is a a lot less properly-off united states of america. in case you look at similar jobs in Poland I assume they're paid below they could be in the united kingdom for the exact same reason. the better price tax band the following starts at £34,370, so the British authorities obviously believes that it really is the point at which salaries commence to develop into sturdy. maximum British human beings ought to disagree with that and ought to assert that to stay conveniently you choose to earn drastically better. How significantly better is a controversy of discussion, and diverse human beings ought to take a diverse view, yet to do what you choose i ought to assert you choose a relations earnings of £80k. you'll understand from that that in this united states of america in households maximum women persons artwork besides because the adult males. wish that helps.

Answer 8

Inherit.

Answer 9

win the lottery